Masdar on Wednesday signed a memorandum of understanding (MOU) with the Japan Bank for International Cooperation (JBIC) that will see the two parties work together in identifying, financing and executing renewable energy projects around the world.
The agreement was signed by Dr. Sultan Al Jaber, Minister of State and CEO of Masdar, and Hiroshi Watanabe, JBIC Governor, CEO. The signing took place in the presence of General Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Japanese Prime Minister, Shinzo Abe.
The MoU will see the two parties explore the co-development of commercially viable renewable energy projects including wind, solar power, water desalination, carbon capture, use and storage (CCUS) technology and sustainable city development.
“Japan and the UAE continue to strengthen a multilateral relationship that has been built on a foundation of common values and a shared vision in areas of energy, economics and politics,” said Al Jaber. “We expect, through this MoU, to capitalise on the opportunities for economic growth and energy security through the deployment of renewable energy.”
